Soybean futures are currently 3 to 7 cents lower at midday on profit taking ahead of Thursday’s USDA report. Nearby Soymeal futures are down $3.20/ton, with front month soy oil down 30 cents. Analysts are expecting that the USDA will raise Brazilian production 1.9 to 113.9 MMT. That is estimated to be more than offset by a 5.5 MMT drop in Argentine production to 48.5 MMT. Some trade estimates are as high as 117 MMT for Brazil, however. World ending stocks for 17/18 are seen at 95.5 on that lower Argentine production, down 2.64 MMT from February. Export sales are projected to range 0.9 to 1.4 MMT in Thursday’s USDA report, with 100,000-300,000 MT for new crop.

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The U.S. Food and Drug Administration and the U.S. Grain Standards Act allow ZERO TOLERANCE for treated seed occurring in grain.

FCE wants to remind you to thoroughly clean all equipment that comes in contact with treated seed. Be sure to check and recheck to make sure it’s clean. One kernel of treated seed, whether it is corn, soybeans, or wheat, can contaminate an entire bin and can cost FCE millions of dollars. If you are checked and have treated kernels, by law, you may have to pay for the grain quantity that was tainted.